Retailers and brands are facing a self-reckoning. For proof, look to an unlikely place — New York’s Fifth Avenue.
Ralph Lauren, which for nearly half a century has been a global icon in the fashion world, announced in April that it will close its flagship Polo store on Fifth Avenue — illustrating a larger trend unfolding across the country.
The decision to shutter the iconic store comes at a time when traditional 20th century brick-and-mortar retailers and brands are being forced to reevaluate where and how they fit into the 21st century consumer economy.
